Eco-friendly mining: the problem of traditional mining and the DMD "green protocol" to earn rewards in a sustainable way! 🔗
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To begin with, we invite you to talk about the problems of traditional mining. The problems with traditional mining are rooted in energy use. Non-eco-friendly solutions for mining coins turn out to be too energy-intensive for mining outside the conditions of a full-fledged farm. Moreover, it’s a constant arms race, constant upgrade mining hardware as they are soon outdated. And what is more important — its additional raw material and money wasted on something that you can only use for a few months until its efficiency becomes too bad to earn money with it.
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DMD Diamond was designed to address this issue by developing a way DMD rewards network participants that will satisfy the requirements of secure the network without buying expensive hardware and endlessly paying electricity bills. Instead, your DMD Coins enable you to earn rewards and secure the network.
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As befits modern projects, DMD Diamond is committed to sustainability. It is a safe approach to supply your own network with environmentally friendly protocols and lightweight software. This not only significantly reduces the carbon footprint but also significantly reduces energy consumption.
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Using DMD Diamonds’ expertise and knowledge of environmentally friendly technology, we are developing low-cost, environmentally responsible energy solutions to secure a blockchain network and reward participants in this process.
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These aspects are really important for us because companies representing the technologies of the future must not only be innovative but also think about eco-nuances.
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It is for this reason that the eco protocol was developed.
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To begin with, we invite you to talk about the problems of traditional mining. The problems with traditional mining are rooted in energy use. Non-eco-friendly solutions for mining coins turn out to be too energy-intensive for mining outside the conditions of a full-fledged farm. Moreover, it’s a constant arms race, constant upgrade mining hardware as they are soon outdated. And what is more important — its additional raw material and money wasted on something that you can only use for a few months until its efficiency becomes too bad to earn money with it.
⠀
DMD Diamond was designed to address this issue by developing a way DMD rewards network participants that will satisfy the requirements of secure the network without buying expensive hardware and endlessly paying electricity bills. Instead, your DMD Coins enable you to earn rewards and secure the network.
⠀
As befits modern projects, DMD Diamond is committed to sustainability. It is a safe approach to supply your own network with environmentally friendly protocols and lightweight software. This not only significantly reduces the carbon footprint but also significantly reduces energy consumption.
⠀
Using DMD Diamonds’ expertise and knowledge of environmentally friendly technology, we are developing low-cost, environmentally responsible energy solutions to secure a blockchain network and reward participants in this process.
⠀
These aspects are really important for us because companies representing the technologies of the future must not only be innovative but also think about eco-nuances.
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It is for this reason that the eco protocol was developed.
What you should know about the DMD Diamond scarcity 🔗
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Why is the DMD token practically unique? It's all about the created deficit. The name of the coin appealed to people, as well as the implicit scarcity and the fairness of the limited coin issue. The name Diamond represents scarcity, unshakable strength, and value.
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◾️ DMD staking happens with a limited set of validator nodes, and a maximum amount staked on top of these nodes because of DMD’s scarce supply.
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◾️ DMD stock is limited. Total 4.38 million coins. The inflation rate of DMD Diamond is gradually declining. The token is one of the most scarce digital currencies in existence.
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In addition, the growth of the ecosystem and the growing utility of the DMD make it even more difficult to acquire.
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The DMD coin is one of the oldest cryptocurrencies on the market — maintains its original fixed-issuance coin emission model and remains five times more scarce than Bitcoin with a finite supply of just 4.38 million coins. DMD is one of a very small number of coins, including Bitcoin, Litecoin, and Peercoin, that have survived from the inception to now and that are still actively supported and traded.
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Naturally, the technology was superior to Bitcoin because of the later development (and with DMDv4 that will leap ahead and will become bigger with many industry innovations) and the vision has continued to attract a group of faithful holders who recognize the scarcity of the coin and the integrity of the team as essential for the long-term health of the project.
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◾️ DMDv4 mechanism, as we wrote earlier, is designed for the long-term limitless growth of the networks and prevents a possible imbalance within scarce-supply coin ecosystems.
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Why is the DMD token practically unique? It's all about the created deficit. The name of the coin appealed to people, as well as the implicit scarcity and the fairness of the limited coin issue. The name Diamond represents scarcity, unshakable strength, and value.
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◾️ DMD staking happens with a limited set of validator nodes, and a maximum amount staked on top of these nodes because of DMD’s scarce supply.
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◾️ DMD stock is limited. Total 4.38 million coins. The inflation rate of DMD Diamond is gradually declining. The token is one of the most scarce digital currencies in existence.
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In addition, the growth of the ecosystem and the growing utility of the DMD make it even more difficult to acquire.
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The DMD coin is one of the oldest cryptocurrencies on the market — maintains its original fixed-issuance coin emission model and remains five times more scarce than Bitcoin with a finite supply of just 4.38 million coins. DMD is one of a very small number of coins, including Bitcoin, Litecoin, and Peercoin, that have survived from the inception to now and that are still actively supported and traded.
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Naturally, the technology was superior to Bitcoin because of the later development (and with DMDv4 that will leap ahead and will become bigger with many industry innovations) and the vision has continued to attract a group of faithful holders who recognize the scarcity of the coin and the integrity of the team as essential for the long-term health of the project.
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◾️ DMDv4 mechanism, as we wrote earlier, is designed for the long-term limitless growth of the networks and prevents a possible imbalance within scarce-supply coin ecosystems.
Cooperative Consensus: what makes DMDv4 so fast and efficient
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Consensus algorithm addresses the issues of slow transaction times and the difficulties of having synchronous communication on a large global network.
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🌀 PoW protocols, instead of PoS, require specialized hardware requirements for running a hardware node, particularly because of the competition to make an income from mining. Without specific mining equipment expertise and very cheap electricity, it’s impossible to become profitable. That’s another reason why DMDv4 adopts PoS.
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🌀 Another disadvantage of PoW protocols is that they do not produce block finality. Blocks may be mined at the same time resulting in a temporary dual-chain stat, which results in a high incidence of forking due to this competitive consensus algorithm.
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🌀 DMDv4 prevents forking by completely eliminating this problem by utilizing a cooperative consensus which allows dynamic extreme low block times if there is a demand on the network and long times without blocks if there is no demand.
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Consensus algorithm addresses the issues of slow transaction times and the difficulties of having synchronous communication on a large global network.
⠀
🌀 PoW protocols, instead of PoS, require specialized hardware requirements for running a hardware node, particularly because of the competition to make an income from mining. Without specific mining equipment expertise and very cheap electricity, it’s impossible to become profitable. That’s another reason why DMDv4 adopts PoS.
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🌀 Another disadvantage of PoW protocols is that they do not produce block finality. Blocks may be mined at the same time resulting in a temporary dual-chain stat, which results in a high incidence of forking due to this competitive consensus algorithm.
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🌀 DMDv4 prevents forking by completely eliminating this problem by utilizing a cooperative consensus which allows dynamic extreme low block times if there is a demand on the network and long times without blocks if there is no demand.
DMD Diamond Network: 100% decentralized and community driven
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DMDv4 is a decentralized multipurpose blockchain with a highly secure and distributed consensus algorithm and a distributed system for rewarding the nodes that secure the system.
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Implementation of the Honey Badger Byzantine Fault Tolerant consensus protocol combined with POSDAO, and dPOS-like mechanics creates a higher level of decentralization than fixed consensus node protocols.
dPoS + HBBFT is a power combo for 100% decentralization and here are the points:
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— Validators are selected randomly every 12-hour epoch. The system selects up to 25 validators from the validator candidates with slightly increased chances for bigger validators (more coins in them).
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— In DMDv4, nobody can buy their way in and push out the smaller validators, and even those with 10,000 coins have a good chance of getting selected.
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— Each validator should receive an equal share of the block reward. A node with 10,000 DMD will earn as much as someone with 50,000 if they are both selected as validators in the same epoch. This means even if smaller validators are less often part of the active set they earn same size rewards, their income/staked coin is similar, so there is no disadvantage for smaller validator candidates!
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DMD Diamond is a long-running blockchain and has an old community with many coin holders, which makes DMD stand out from other coins. At times when smart contracts were not yet available there was an ideological underpinning to the release of currency that was supported by regular people seeking financial independence and security from the authorities and debt-backed government money systems.
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DMDv4 is a decentralized multipurpose blockchain with a highly secure and distributed consensus algorithm and a distributed system for rewarding the nodes that secure the system.
⠀
Implementation of the Honey Badger Byzantine Fault Tolerant consensus protocol combined with POSDAO, and dPOS-like mechanics creates a higher level of decentralization than fixed consensus node protocols.
dPoS + HBBFT is a power combo for 100% decentralization and here are the points:
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— Validators are selected randomly every 12-hour epoch. The system selects up to 25 validators from the validator candidates with slightly increased chances for bigger validators (more coins in them).
⠀
— In DMDv4, nobody can buy their way in and push out the smaller validators, and even those with 10,000 coins have a good chance of getting selected.
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— Each validator should receive an equal share of the block reward. A node with 10,000 DMD will earn as much as someone with 50,000 if they are both selected as validators in the same epoch. This means even if smaller validators are less often part of the active set they earn same size rewards, their income/staked coin is similar, so there is no disadvantage for smaller validator candidates!
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DMD Diamond is a long-running blockchain and has an old community with many coin holders, which makes DMD stand out from other coins. At times when smart contracts were not yet available there was an ideological underpinning to the release of currency that was supported by regular people seeking financial independence and security from the authorities and debt-backed government money systems.
Build and deploy a next-generation blockchain business with DMD Diamond
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Switching from Ethereum to Binance Smart Chain is not much of a brilliant plan. In our new article, we will tell you why DMDv4 is suitable for DeFi and will compare DMDv4 and BSC to determine which blockchain is better for building a project.
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Read on here: https://link.medium.com/oa88KGxFGfb
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Switching from Ethereum to Binance Smart Chain is not much of a brilliant plan. In our new article, we will tell you why DMDv4 is suitable for DeFi and will compare DMDv4 and BSC to determine which blockchain is better for building a project.
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Read on here: https://link.medium.com/oa88KGxFGfb
The DMD Diamond solution for a state of the art blockchain technology 🔗
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The new DMDv4 leverages the strengths of Ethereum, Litecoin, and the original Diamond to create a fast and secure low-cost blockchain for building and deploying dApps.
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What are the main advantages of DMDv4?
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DMD is 5 times more scarce than Bitcoin: the total supply is 4.38 million (all issued at the same time and then gradually allocated). It is also highly distributed: the top 10 DMDv3 addresses hold only 13.5% of all DMD, and the 100 largest addresses account for only 48%.
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All DMDv3 holders can claim DMDv4 coins (they don't have to give up their DMDv3 in the process, so it's not a token swap).
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🔹 High performance: over 400 tps thanks to dynamic block time
🔹 Complete censorship & fork resistance
🔹 High level of decentralization: uses dPoS & DAO governance;
🔹 Energy-efficient: the total energy consumption is equivalent to several households - not to a whole country as in the case of Bitcoin
🔹 Instant transaction finality instead of multiple block confirmations: once a transaction is included in a block, it’s final
🔹 Fair reward distribution: each active validator gets an equal share of the reward
🔹 dPoS-enhanced: users can stake coins on validators and earn attractive rewards
🔹 Scarcity: the supply is fixed at 4.38m DMDv4 – 5 times fewer than Bitcoin
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DMDv4 uses Honey Badger Byzantine Fault Tolerant cooperative consensus mechanism. Algorithms have many advantages over competitive consensus models like POW and POS/dPOS.
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The result is a more robust and secure blockchain capable of processing more than 400 transactions every second (as opposed to only 10 for the Bitcoin blockchain or 20 for Ethereum).
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The new DMDv4 leverages the strengths of Ethereum, Litecoin, and the original Diamond to create a fast and secure low-cost blockchain for building and deploying dApps.
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What are the main advantages of DMDv4?
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DMD is 5 times more scarce than Bitcoin: the total supply is 4.38 million (all issued at the same time and then gradually allocated). It is also highly distributed: the top 10 DMDv3 addresses hold only 13.5% of all DMD, and the 100 largest addresses account for only 48%.
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All DMDv3 holders can claim DMDv4 coins (they don't have to give up their DMDv3 in the process, so it's not a token swap).
⠀
🔹 High performance: over 400 tps thanks to dynamic block time
🔹 Complete censorship & fork resistance
🔹 High level of decentralization: uses dPoS & DAO governance;
🔹 Energy-efficient: the total energy consumption is equivalent to several households - not to a whole country as in the case of Bitcoin
🔹 Instant transaction finality instead of multiple block confirmations: once a transaction is included in a block, it’s final
🔹 Fair reward distribution: each active validator gets an equal share of the reward
🔹 dPoS-enhanced: users can stake coins on validators and earn attractive rewards
🔹 Scarcity: the supply is fixed at 4.38m DMDv4 – 5 times fewer than Bitcoin
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DMDv4 uses Honey Badger Byzantine Fault Tolerant cooperative consensus mechanism. Algorithms have many advantages over competitive consensus models like POW and POS/dPOS.
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The result is a more robust and secure blockchain capable of processing more than 400 transactions every second (as opposed to only 10 for the Bitcoin blockchain or 20 for Ethereum).
DMD Diamond opens up opportunities for true decentralized governance
DMD introduces you a decentralized governance module. In this article, we explain why DAO is not so good and what possibilities the DMDv4 voting model gives you.
Read on here: https://link.medium.com/WNo4zDzENfb
DMD introduces you a decentralized governance module. In this article, we explain why DAO is not so good and what possibilities the DMDv4 voting model gives you.
Read on here: https://link.medium.com/WNo4zDzENfb
Medium
DMD Diamond opens up opportunities for true decentralized governance
Starting from the large DMD 4.1 upgrade, we will introduce a decentralized governance module. The voting model we’ve chosen is efficient…
People behind DMD diamond: the community of developers
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DMD Diamond is a long-running blockchain with a highly distributed community of holders, meaning that it is a very secure and stable network, so application developers can feel comfortable with using DMD as a fast-throughput alternative to Ethereum. Diamond has always been known for its reputable team and constant development, as well as the scarcity of the coin and the fierce loyalty of the coin holders.
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A small team of developers and enthusiasts got together to maintain and evolve the code and adjust the vision for the coin, and in April 2014, with the release of DMDv2, the coin’s staking algorithm was made stable and worthwhile for network participants.
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The survival of the coin and the willingness of a community of enthusiasts to continue to support this project made DMD stand out from other coins. Diamond has an old community with many coin holders and uses delegated Proof-of-Stake so that every coin holder can be part of the validation.
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The team of stewards of DMD Diamond was determined to create a store of value that they themselves felt comfortable holding. The name Diamond represents scarcity, unshakable strength, and value. a group of leaders and developers who were determined to create a sustainable blockchain, stewarded by people who are willing to continue to take responsibility for the project over the long haul, without compromise.
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With hard work and a dedicated community, DMD Diamond remained in the top 100 coins on Coinmarketcap.
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DMD Diamond is a long-running blockchain with a highly distributed community of holders, meaning that it is a very secure and stable network, so application developers can feel comfortable with using DMD as a fast-throughput alternative to Ethereum. Diamond has always been known for its reputable team and constant development, as well as the scarcity of the coin and the fierce loyalty of the coin holders.
⠀
A small team of developers and enthusiasts got together to maintain and evolve the code and adjust the vision for the coin, and in April 2014, with the release of DMDv2, the coin’s staking algorithm was made stable and worthwhile for network participants.
⠀
The survival of the coin and the willingness of a community of enthusiasts to continue to support this project made DMD stand out from other coins. Diamond has an old community with many coin holders and uses delegated Proof-of-Stake so that every coin holder can be part of the validation.
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The team of stewards of DMD Diamond was determined to create a store of value that they themselves felt comfortable holding. The name Diamond represents scarcity, unshakable strength, and value. a group of leaders and developers who were determined to create a sustainable blockchain, stewarded by people who are willing to continue to take responsibility for the project over the long haul, without compromise.
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With hard work and a dedicated community, DMD Diamond remained in the top 100 coins on Coinmarketcap.
DMD Diamond's Updates for April 🔥
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Today we will tell you about our achievements and the challenges we faced in April, and how we are going to address them.
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🔹 The open Ethereum 3.1 upgrade issues are now mostly solved.
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🔹 A lot of development branch code updates were published to open Github:
https://github.com/DMDcoin/hbbft-posdao-contracts/pull/71
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🔹 Migration to open ethereum 3.2.2 is complete, and a new testnet based on 3.2.2 was started.
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🔹 Open ethereum is updated to version 3.2.4.
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🔹 Thomas is working to provide some basic guides: how to add DMDv4 testnet to Metamask, how to get test coins via a faucet, and how to stake them with PoSDAO dApp. Thomas is also working on improving PoSDAO dApps to be ready for external testers and dPoS stakers.
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🔹 We detected an issue of the open Ethereum extensions for Honeybadger in the area of validator messaging and caching that under some conditions messages can be lost. We are running extensive debugging to track the origin.
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🔹 Regarding the detected P2P communications issues between the nodes of the actual active validator set, we are coding a new extension for the communication protocol that can detect lost messages and take care all nodes are in the same state. Even if a node did reboot, it is able to catch up to the actual state with this new state recovery/reliable message delivery protocol.
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🔹 A network simulator has been implemented for the unit tests.
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🔹 We also expand test cases on real network environments with multiple separated hosts as preparation for open testnet.
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🔹 The DMD faucet to get test coins is finished. We will share the link when we start allowing external testers.
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🔹 We have found a new approach to solve the issues with validator message lost via extensive debugging of node communication in open Ethereum sync module.
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🔹 Now we can start invite PoSDAO staking testers and a few selected validator node operators in next week.
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🔹 A bunch new regression tests for staking and unstaking and rewards were made.
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Today we will tell you about our achievements and the challenges we faced in April, and how we are going to address them.
⠀
🔹 The open Ethereum 3.1 upgrade issues are now mostly solved.
⠀
🔹 A lot of development branch code updates were published to open Github:
https://github.com/DMDcoin/hbbft-posdao-contracts/pull/71
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🔹 Migration to open ethereum 3.2.2 is complete, and a new testnet based on 3.2.2 was started.
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🔹 Open ethereum is updated to version 3.2.4.
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🔹 Thomas is working to provide some basic guides: how to add DMDv4 testnet to Metamask, how to get test coins via a faucet, and how to stake them with PoSDAO dApp. Thomas is also working on improving PoSDAO dApps to be ready for external testers and dPoS stakers.
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🔹 We detected an issue of the open Ethereum extensions for Honeybadger in the area of validator messaging and caching that under some conditions messages can be lost. We are running extensive debugging to track the origin.
⠀
🔹 Regarding the detected P2P communications issues between the nodes of the actual active validator set, we are coding a new extension for the communication protocol that can detect lost messages and take care all nodes are in the same state. Even if a node did reboot, it is able to catch up to the actual state with this new state recovery/reliable message delivery protocol.
⠀
🔹 A network simulator has been implemented for the unit tests.
⠀
🔹 We also expand test cases on real network environments with multiple separated hosts as preparation for open testnet.
⠀
🔹 The DMD faucet to get test coins is finished. We will share the link when we start allowing external testers.
⠀
🔹 We have found a new approach to solve the issues with validator message lost via extensive debugging of node communication in open Ethereum sync module.
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🔹 Now we can start invite PoSDAO staking testers and a few selected validator node operators in next week.
⠀
🔹 A bunch new regression tests for staking and unstaking and rewards were made.
The DMD roadmap: what happens after the DMD v4 release
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Newer, faster, and much more extended DMD Diamond is coming. Build and deploy next-generation business with Smart Contracts. Use ultra-secure offline staking and manage your finances.
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DMD v4 release has several stages:
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— Open testnet will start with candidate release of DMD v4
— Claiming tool tests are being tested
— POSDAO dPOS staking tool tests are being tested
— DMD v4 mainnet will take place 3 months later
— DMD v4.1 core content will be on-chain governance systems (DMDDAO) that interact with POSDAO for voting weights
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Future goals are set and voted on by the stakeholders and DAO participants.
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First of all it is Message Bridge (AMB) development — a bridge designed for universal cross-chain data transfer.
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First targets for bridges are Ethereum, Binance Smart Chain, xDAI and a later more complex goal is bridges to XYM Symbol (new NEM ecosystem primary chain) to give their ecosystem participants access to a connected smart contract able chain (DMD Diamond v4).
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Also, creating DEX or protocol for automated liquidity provision with a positive impact on the DMD coin economic model on our own chain, with fees to reinsert pot and bonus rewards for active stakeholders is a possibility we consider. As the project grows any other suggestions initiated by the community of stakeholders and validators are considered.
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Newer, faster, and much more extended DMD Diamond is coming. Build and deploy next-generation business with Smart Contracts. Use ultra-secure offline staking and manage your finances.
⠀
DMD v4 release has several stages:
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— Open testnet will start with candidate release of DMD v4
— Claiming tool tests are being tested
— POSDAO dPOS staking tool tests are being tested
— DMD v4 mainnet will take place 3 months later
— DMD v4.1 core content will be on-chain governance systems (DMDDAO) that interact with POSDAO for voting weights
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Future goals are set and voted on by the stakeholders and DAO participants.
⠀
First of all it is Message Bridge (AMB) development — a bridge designed for universal cross-chain data transfer.
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First targets for bridges are Ethereum, Binance Smart Chain, xDAI and a later more complex goal is bridges to XYM Symbol (new NEM ecosystem primary chain) to give their ecosystem participants access to a connected smart contract able chain (DMD Diamond v4).
⠀
Also, creating DEX or protocol for automated liquidity provision with a positive impact on the DMD coin economic model on our own chain, with fees to reinsert pot and bonus rewards for active stakeholders is a possibility we consider. As the project grows any other suggestions initiated by the community of stakeholders and validators are considered.
Why become a validator in the DMD v4 blockchain
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DMDv4 uses the Honey Badger BFT protocol which achieves consensus without competition, sharing rewards among validators, again making this a more distributed and democratized network. HBBFT includes a mechanism for choosing the validators using a secure random selection mechanism. This ensures that validators are selected from the validator candidate pool in a fair and secure manner.
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Each elected (active) validator receives an equal share of Epoch rewards for cooperative contributing. Each active validator shares the rewards among themselves and their delegates.
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Block rewards for active validators are split proportionally according to the number of coins staked for that validator. However, the minimum to the validator will be 30% of the block reward. If the validator’s share of the stacked coins is less than 30%, the validator gets 30% and the rest 70% is distributed among the coin holders proportionally according to their stakes. Validator candidates re-stake the coins they earn as rewards.
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Earning rewards for active coin usage as a validator or dPOS staker aimed at protecting the blockchain is one of the functions of the DMDv4. All in all, validation is a business that allows an extremely accurate assessment of the validator's potential income, quickly transfer capacities between projects, and if the network he has chosen is successful, the validator can develop the project as a full-fledged DAO participant and responsible person, or simply provide excellent technical service for completely transparent honestly earned money.
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DMDv4 uses the Honey Badger BFT protocol which achieves consensus without competition, sharing rewards among validators, again making this a more distributed and democratized network. HBBFT includes a mechanism for choosing the validators using a secure random selection mechanism. This ensures that validators are selected from the validator candidate pool in a fair and secure manner.
⠀
Each elected (active) validator receives an equal share of Epoch rewards for cooperative contributing. Each active validator shares the rewards among themselves and their delegates.
⠀
Block rewards for active validators are split proportionally according to the number of coins staked for that validator. However, the minimum to the validator will be 30% of the block reward. If the validator’s share of the stacked coins is less than 30%, the validator gets 30% and the rest 70% is distributed among the coin holders proportionally according to their stakes. Validator candidates re-stake the coins they earn as rewards.
⠀
Earning rewards for active coin usage as a validator or dPOS staker aimed at protecting the blockchain is one of the functions of the DMDv4. All in all, validation is a business that allows an extremely accurate assessment of the validator's potential income, quickly transfer capacities between projects, and if the network he has chosen is successful, the validator can develop the project as a full-fledged DAO participant and responsible person, or simply provide excellent technical service for completely transparent honestly earned money.
How the system of 4 coin pots works within the DMDv4 scarcity model
There is a system of four coin pots acceptor: Claiming, Delta, Reinsert, and Governance. In our new article, you will find out what it is and what their purpose is.
Read on more: https://link.medium.com/Vc0cTWSY5fb
There is a system of four coin pots acceptor: Claiming, Delta, Reinsert, and Governance. In our new article, you will find out what it is and what their purpose is.
Read on more: https://link.medium.com/Vc0cTWSY5fb
Medium
How the system of 4 coin pots works within the DMDv4 scarcity model
Through an ingenious system of four coin pots — Claiming, Delta, Reinsert, and Governance — DMDv4 ensures fair and sustainable…
Honey Badger BFT Protocol as one of the most promising developments
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To meet the market demands of speed and security, the DMD team has analyzed different consensus algorithms available today including one of the most promising developments, the Honey Badger Byzantine Fault Tolerant consensus algorithm.
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The Honey Badger Byzantine Fault Tolerant (HBBFT) consensus algorithm was developed in 2016 by Andrew Miller, Yu Xia, Kyle Croman, Elaine Shi, and Dawn Song specifically to address the issues of slow transaction times and the difficulties of having synchronous communication on a large global network.
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After extensive research, the DMD Diamond team has determined that using HBBFT will dramatically increase the efficiency and improve the security of the DMD blockchain.
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Advantages of moving to the HBBFT include immediate transaction approval, with no need to wait for synchronous approval, block finality is immediate, and transactions can be confirmed within seconds. The validating nodes each propose a fraction of the transactions, and all nodes author the transactions simultaneously and in a cooperative way. The set of active validators change even 12 hours via PoSDAO node election system (similar to dPOS) and the participants of the former set get equal shared rewards for their work, securing the network in the last 12 hours.
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No mining is necessary to run HBBFT as it approves blocks as quickly or slowly as suited to cover the demand (process all waiting transactions). In the DMDv4 implementation, we will include a heartbeat block if there is a long period (10 minutes) with no transaction on the chain, but it will be a very small block so as not to impact the size of the blockchain.
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That's why DMD Diamond v4 is implementing the HBBFT protocol- faster throughput, higher security, dynamic block times, robustness, elimination of orphan blocks and forking potential makes HBBFT one of the most promising developments.
⠀
To meet the market demands of speed and security, the DMD team has analyzed different consensus algorithms available today including one of the most promising developments, the Honey Badger Byzantine Fault Tolerant consensus algorithm.
⠀
The Honey Badger Byzantine Fault Tolerant (HBBFT) consensus algorithm was developed in 2016 by Andrew Miller, Yu Xia, Kyle Croman, Elaine Shi, and Dawn Song specifically to address the issues of slow transaction times and the difficulties of having synchronous communication on a large global network.
⠀
After extensive research, the DMD Diamond team has determined that using HBBFT will dramatically increase the efficiency and improve the security of the DMD blockchain.
⠀
Advantages of moving to the HBBFT include immediate transaction approval, with no need to wait for synchronous approval, block finality is immediate, and transactions can be confirmed within seconds. The validating nodes each propose a fraction of the transactions, and all nodes author the transactions simultaneously and in a cooperative way. The set of active validators change even 12 hours via PoSDAO node election system (similar to dPOS) and the participants of the former set get equal shared rewards for their work, securing the network in the last 12 hours.
⠀
No mining is necessary to run HBBFT as it approves blocks as quickly or slowly as suited to cover the demand (process all waiting transactions). In the DMDv4 implementation, we will include a heartbeat block if there is a long period (10 minutes) with no transaction on the chain, but it will be a very small block so as not to impact the size of the blockchain.
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That's why DMD Diamond v4 is implementing the HBBFT protocol- faster throughput, higher security, dynamic block times, robustness, elimination of orphan blocks and forking potential makes HBBFT one of the most promising developments.
Features of DMD Diamond
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DMD Diamond Coin is one of the oldest cryptocurrencies on the market. It maintains its original fixed-issuance coin emission model and remains five times more scarce than Bitcoin. DMD is one of a very small number of coins, including Bitcoin, Litecoin, and Peercoin which survived from the inception (2013) to now and is still actively supported and traded.
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The “coin wars” are over and it is an industry-wide imperative to create stability and interoperability among the coin and token holders across the cryptocurrency industry. For that reason, DMD is creating strong interoperability capabilities with other Ethereum-based projects (Open Ethereum, Binance Smart Chain, POA Networks, xDAI, Artis.eco, lab10.coop, etc.).
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For the new upcoming DMD v4 release DMD v3 coin holders can claim their snapshot balance on a one-to-one basis. The total coin max of DMD Diamond coins stays at 4,380,000.
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The DMD Diamond Features include:
● Earning rewards for active coin usage as a validator or dPoS staker aimed at protecting the blockchain.
● Network security.
● On-chain governance is aligning the values of participants in the networks
● Network fees and deployment of smart contracts.
● DMD represents a limited and constant-size resource that has reward earning abilities.
● Payments.
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In addition, DMD is highly distributed, being held by a large number of smaller investors rather than concentrated in the hands of a few. DMDv4 is also the first blockchain that implements sustainable endless coin rewards for consensus nodes and dPOS stakers while maintaining a coin maximum by utilizing a new mechanism that reinserts unclaimed and abandoned coins into circulation after a number of years.
⠀
Check out more details in the 👉 Whitepaper
⠀
DMD Diamond Coin is one of the oldest cryptocurrencies on the market. It maintains its original fixed-issuance coin emission model and remains five times more scarce than Bitcoin. DMD is one of a very small number of coins, including Bitcoin, Litecoin, and Peercoin which survived from the inception (2013) to now and is still actively supported and traded.
⠀
The “coin wars” are over and it is an industry-wide imperative to create stability and interoperability among the coin and token holders across the cryptocurrency industry. For that reason, DMD is creating strong interoperability capabilities with other Ethereum-based projects (Open Ethereum, Binance Smart Chain, POA Networks, xDAI, Artis.eco, lab10.coop, etc.).
⠀
For the new upcoming DMD v4 release DMD v3 coin holders can claim their snapshot balance on a one-to-one basis. The total coin max of DMD Diamond coins stays at 4,380,000.
⠀
The DMD Diamond Features include:
● Earning rewards for active coin usage as a validator or dPoS staker aimed at protecting the blockchain.
● Network security.
● On-chain governance is aligning the values of participants in the networks
● Network fees and deployment of smart contracts.
● DMD represents a limited and constant-size resource that has reward earning abilities.
● Payments.
⠀
In addition, DMD is highly distributed, being held by a large number of smaller investors rather than concentrated in the hands of a few. DMDv4 is also the first blockchain that implements sustainable endless coin rewards for consensus nodes and dPOS stakers while maintaining a coin maximum by utilizing a new mechanism that reinserts unclaimed and abandoned coins into circulation after a number of years.
⠀
Check out more details in the 👉 Whitepaper
What you need to know about POSDAO node selection
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The Proof-of-Stake Decentralized Autonomous Organization (PoSDAO) algorithm is designed to create a decentralized consensus for public blockchains, based on a voting mechanism to elect the active nodes (validators) that participate in block creation. PoSDAO provides a leaderless structure that incentivizes validators to act in the best interests of the network.
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DMD DIAMOND uses HBBFT as a cooperative consensus algorithm to overcome the issues of slow transaction time and limitations of competitive consensus protocols. However it requires a low maximum of 25 validator nodes to take advantage of these improvements. The problem is that permanent distribution of power in a network of 25 static nodes is not adequate.
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To solve this, DMD uses a PoSDAO implementation in order to select the nodes that will act as active validators every Epoch that runs 12 hours. A cap of 438 validator candidates is possible in DMD because of the scarcity of the DMD coins. Based on the current network activity, Diamond DMD expects approximately 50 – 75 active validator сandidates competing for the active Epoch set.
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By electing a new subset from the candidate nodes every Epoch, PoSDAO allows for the distribution over any number of validator candidates, both maintaining the speed of the network and creating a fairly distributed mechanism of securing the system and earning rewards. Note that chances of being selected are increased for nodes that are most trusted, represented by the number of coins staked on top of them.
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There is no possibility to buy one’s way in or collude to become more powerful than other validators on the network, as a maximum staking ceiling is 50,000 DMD. Even candidates with a minimum stake of 10,000 DMD have a chance to get into the active set and PoSDAO dPOS stakers can increase that chance by supporting smaller candidates via staking on them. Staking tokens allows the participants to earn rewards and take part in on-chain governance.
⠀
Also, single nodes cannot act maliciously against particular transactions because they cannot see the contents of the transaction until it is validated which makes the system Censorship-resistant.
⠀
The Proof-of-Stake Decentralized Autonomous Organization (PoSDAO) algorithm is designed to create a decentralized consensus for public blockchains, based on a voting mechanism to elect the active nodes (validators) that participate in block creation. PoSDAO provides a leaderless structure that incentivizes validators to act in the best interests of the network.
⠀
DMD DIAMOND uses HBBFT as a cooperative consensus algorithm to overcome the issues of slow transaction time and limitations of competitive consensus protocols. However it requires a low maximum of 25 validator nodes to take advantage of these improvements. The problem is that permanent distribution of power in a network of 25 static nodes is not adequate.
⠀
To solve this, DMD uses a PoSDAO implementation in order to select the nodes that will act as active validators every Epoch that runs 12 hours. A cap of 438 validator candidates is possible in DMD because of the scarcity of the DMD coins. Based on the current network activity, Diamond DMD expects approximately 50 – 75 active validator сandidates competing for the active Epoch set.
⠀
By electing a new subset from the candidate nodes every Epoch, PoSDAO allows for the distribution over any number of validator candidates, both maintaining the speed of the network and creating a fairly distributed mechanism of securing the system and earning rewards. Note that chances of being selected are increased for nodes that are most trusted, represented by the number of coins staked on top of them.
⠀
There is no possibility to buy one’s way in or collude to become more powerful than other validators on the network, as a maximum staking ceiling is 50,000 DMD. Even candidates with a minimum stake of 10,000 DMD have a chance to get into the active set and PoSDAO dPOS stakers can increase that chance by supporting smaller candidates via staking on them. Staking tokens allows the participants to earn rewards and take part in on-chain governance.
⠀
Also, single nodes cannot act maliciously against particular transactions because they cannot see the contents of the transaction until it is validated which makes the system Censorship-resistant.
Difference between DAO Governance and PoSDAO
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The acronym DAO stands for Decentralized Autonomous Organization. In simple terms, a DAO is an organization that is governed by computer code and programs. As such, it has the ability to function autonomously, without the need for a central authority. Through the use of smart contracts, a DAO can work with external information and execute commands based on them — all this without any human intervention. A DAO is usually operated by a community of stakeholders incentivized through some kind of token mechanism.
⠀
The Proof-of-Stake Decentralized Autonomous Organization (PoSDAO) algorithm is designed to improve the decentralization of a consensus engine for public blockchains, based on a voting mechanism to elect the active nodes (validators) that participate in block creation. PoSDAO provides a leaderless structure that incentivizes validators to act in the best interests of the network.
⠀
DAO Governance and PoSDAO are different things. DAO Governance is a smart contract powering the decision-making tool to vote over proposals, PoSDAO is an automated smart contract to support a fair and decentral election of active validators. Only validator candidates registered on the permissionless network can vote in the DAO, but coin holders can stake their DMD token with any validator candidate they choose and change their affiliation at any time, with the change taking place when the Epoch changes.
⠀
The PoSDAO is what makes the blockchain work true decentral by random rotation of power, staking upon different validators and distributing rewards between the active participants, both stakers and validators. This allows us to reach rapid throughput thanks to the advances in asynchronous consensus protocols and the inclusion of smart contract capabilities combined with a high degree of compatibility with the Ethereum ecosystem which creates fertile ground for business creation.
⠀
The acronym DAO stands for Decentralized Autonomous Organization. In simple terms, a DAO is an organization that is governed by computer code and programs. As such, it has the ability to function autonomously, without the need for a central authority. Through the use of smart contracts, a DAO can work with external information and execute commands based on them — all this without any human intervention. A DAO is usually operated by a community of stakeholders incentivized through some kind of token mechanism.
⠀
The Proof-of-Stake Decentralized Autonomous Organization (PoSDAO) algorithm is designed to improve the decentralization of a consensus engine for public blockchains, based on a voting mechanism to elect the active nodes (validators) that participate in block creation. PoSDAO provides a leaderless structure that incentivizes validators to act in the best interests of the network.
⠀
DAO Governance and PoSDAO are different things. DAO Governance is a smart contract powering the decision-making tool to vote over proposals, PoSDAO is an automated smart contract to support a fair and decentral election of active validators. Only validator candidates registered on the permissionless network can vote in the DAO, but coin holders can stake their DMD token with any validator candidate they choose and change their affiliation at any time, with the change taking place when the Epoch changes.
⠀
The PoSDAO is what makes the blockchain work true decentral by random rotation of power, staking upon different validators and distributing rewards between the active participants, both stakers and validators. This allows us to reach rapid throughput thanks to the advances in asynchronous consensus protocols and the inclusion of smart contract capabilities combined with a high degree of compatibility with the Ethereum ecosystem which creates fertile ground for business creation.
HBBFT: Dramatic increase of efficiency for DMD
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The DMD team has analyzed different consensus algorithms available today including one of the most promising developments, the Honey Badger Byzantine Fault Tolerant consensus algorithm to meet the market demands of speed and security.
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HoneyBadger proceeds in demand-driven block creation (as long as transactions waiting to be included in a block, the creation of the next block starts in 1 second after the last block is finished) with a new batch of transactions appended to the (shared) committed to log at the end of each cycle. In each cycle, nodes choose a subset of the transactions in their input buffer and provide them as input to a randomized agreement protocol. At the end of the agreement protocol, the final set of transactions for the block is chosen.
⠀
The main benefits of moving to HBBFT are the following:
— Higher transactions per second, at least 400 TPS (20x the Ethereum speed)
— Increased robustness of the blockchain
— Dynamic block times implementation
— Immediate transaction completeness
— Censorship-resistant based on the consensus of all validators
— No empty blocks are produced. HBBFT approves blocks as quickly or slowly as needed for the blockchain
⠀
After extensive research, the DMD Diamond team has determined that using HBBFT will dramatically increase the efficiency and improve the security of the DMD blockchain. Faster throughput, higher security, dynamic block times, robustness, elimination of orphan blocks, and forking potential is what DMD v4 really needs to be a modern system.
⠀
The DMD team has analyzed different consensus algorithms available today including one of the most promising developments, the Honey Badger Byzantine Fault Tolerant consensus algorithm to meet the market demands of speed and security.
⠀
HoneyBadger proceeds in demand-driven block creation (as long as transactions waiting to be included in a block, the creation of the next block starts in 1 second after the last block is finished) with a new batch of transactions appended to the (shared) committed to log at the end of each cycle. In each cycle, nodes choose a subset of the transactions in their input buffer and provide them as input to a randomized agreement protocol. At the end of the agreement protocol, the final set of transactions for the block is chosen.
⠀
The main benefits of moving to HBBFT are the following:
— Higher transactions per second, at least 400 TPS (20x the Ethereum speed)
— Increased robustness of the blockchain
— Dynamic block times implementation
— Immediate transaction completeness
— Censorship-resistant based on the consensus of all validators
— No empty blocks are produced. HBBFT approves blocks as quickly or slowly as needed for the blockchain
⠀
After extensive research, the DMD Diamond team has determined that using HBBFT will dramatically increase the efficiency and improve the security of the DMD blockchain. Faster throughput, higher security, dynamic block times, robustness, elimination of orphan blocks, and forking potential is what DMD v4 really needs to be a modern system.
Basic components of the DMD blockchain
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The current version of DMDv4 uses a suite of technologies that integrate the latest proven technologies, allowing for fast transaction times, full smart contract support, and on-chain governance. Let's take a look at the main component of the system that makes it modern and secure.
⠀
Smart contract language support code is needed to create smart contracts (we support all languages that can be used on Ethereum, too). This solution allows the development of any kind of dApp that can be supported on the blockchain. Also, smart contracts are executed by a Virtual Machine that acts the same way as the Ethereum Virtual Machine (EVM). This way smart contracts written for Ethereum can easily be adapted to work on DMD Diamond.
⠀
Node election logic, in this case, is based on PoSDAO for the selection of nodes for validation in HBBFT. The PoSDAO is what makes the blockchain work decentral by random rotation of power, staking upon different validators, and distributing rewards between the active participants. PoSDAO supports it via using the delegated weight (total staked coins on a validator candidate) to increase the chance that high trusted nodes (with many staked coins) get chosen more often.
⠀
Blockchain consensus engine, in our case the Honey Badger Byzantine Fault Tolerant (HBBFT) protocol, determines the transaction validation rules. HBBFT is used in combination with a PoSDAO election of nodes for distributed and secure transaction validation.
⠀
Blockchain full nodes serve as nodes responsible for creating transactions, writing data to the chain, storing data, executing contracts, and communicating with other nodes on the network. Our first node client will be based on open Ethereum but in theory, multiple node clients are possible as long as they follow the DMD Diamond v4 ruleset, they can act as node client.
⠀
Wallets or APP clients which manage user keys to interact with the blockchain and may provide additional blockchain-based services including swapping, NFT mechanics, self-sovereign identity, etc. These clients with WalletConnect ability allow the interaction with the DMD Diamond staking dApp.
⠀
The current version of DMDv4 uses a suite of technologies that integrate the latest proven technologies, allowing for fast transaction times, full smart contract support, and on-chain governance. Let's take a look at the main component of the system that makes it modern and secure.
⠀
Smart contract language support code is needed to create smart contracts (we support all languages that can be used on Ethereum, too). This solution allows the development of any kind of dApp that can be supported on the blockchain. Also, smart contracts are executed by a Virtual Machine that acts the same way as the Ethereum Virtual Machine (EVM). This way smart contracts written for Ethereum can easily be adapted to work on DMD Diamond.
⠀
Node election logic, in this case, is based on PoSDAO for the selection of nodes for validation in HBBFT. The PoSDAO is what makes the blockchain work decentral by random rotation of power, staking upon different validators, and distributing rewards between the active participants. PoSDAO supports it via using the delegated weight (total staked coins on a validator candidate) to increase the chance that high trusted nodes (with many staked coins) get chosen more often.
⠀
Blockchain consensus engine, in our case the Honey Badger Byzantine Fault Tolerant (HBBFT) protocol, determines the transaction validation rules. HBBFT is used in combination with a PoSDAO election of nodes for distributed and secure transaction validation.
⠀
Blockchain full nodes serve as nodes responsible for creating transactions, writing data to the chain, storing data, executing contracts, and communicating with other nodes on the network. Our first node client will be based on open Ethereum but in theory, multiple node clients are possible as long as they follow the DMD Diamond v4 ruleset, they can act as node client.
⠀
Wallets or APP clients which manage user keys to interact with the blockchain and may provide additional blockchain-based services including swapping, NFT mechanics, self-sovereign identity, etc. These clients with WalletConnect ability allow the interaction with the DMD Diamond staking dApp.
How we deal with modern blockchain challenges
⠀
Despite the fact that the blockchain technology has great potential for the construction of the future internet systems, it is facing a number of technical challenges.
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Firstly, current consensus algorithms like proof of work (PoW) or proof of stake (PoS) are facing some serious problems. Moreover, Proof-of-Work is not adequate for fast and low-cost transactions.
⠀
Also, Blockchains that want to provide themselves and the hosted projects with highly customizable on-chain logics need to support smart contracts.
⠀
Many blockchain systems miss a true sustainable coin economic setup ready for centuries. A truly sustainable ecosystem needs to be built around a limited resource developed in a way that the resource can be “recycled” or is “renewable”. These challenges need to be addressed in blockchain technology development.
⠀
The DMD Diamond team has always been committed to maintaining the best technology and ensuring that the coin holders are protected and that the DMD chain gains momentum and utility in the industry.
⠀
Being one of the oldest projects on the cryptocurrency market, DMD Diamond has undergone several significant changes in its architecture as a response to the constantly changing and evolving technology and market conditions.
⠀
Check out our whitepaper how DMDv4 solve this challenges: https://bit.diamonds/DMD_WP.pdf
⠀
Despite the fact that the blockchain technology has great potential for the construction of the future internet systems, it is facing a number of technical challenges.
⠀
Firstly, current consensus algorithms like proof of work (PoW) or proof of stake (PoS) are facing some serious problems. Moreover, Proof-of-Work is not adequate for fast and low-cost transactions.
⠀
Also, Blockchains that want to provide themselves and the hosted projects with highly customizable on-chain logics need to support smart contracts.
⠀
Many blockchain systems miss a true sustainable coin economic setup ready for centuries. A truly sustainable ecosystem needs to be built around a limited resource developed in a way that the resource can be “recycled” or is “renewable”. These challenges need to be addressed in blockchain technology development.
⠀
The DMD Diamond team has always been committed to maintaining the best technology and ensuring that the coin holders are protected and that the DMD chain gains momentum and utility in the industry.
⠀
Being one of the oldest projects on the cryptocurrency market, DMD Diamond has undergone several significant changes in its architecture as a response to the constantly changing and evolving technology and market conditions.
⠀
Check out our whitepaper how DMDv4 solve this challenges: https://bit.diamonds/DMD_WP.pdf
Requirement for DMD Diamond v4 Validators
⠀
DMD Diamond v4 utilizes validators for the transactions. Each elected (active) validator gets an equal share of rewards for cooperative contributing to block creation and validating the transactions.
⠀
The epoch rewards the validator gets are split proportionally according to the number of coins staked for that validator. However, the minimum to the validator will be 30% of the block reward. In case the validator’s share of the staked coins is less than 30%, the validator gets 30% and the rest 70% is distributed among the coin holders proportionally according to their stakes. Misbehaving validators get no rewards at all, their coins get locked and they cannot become a part of the active set during a few Epochs.
⠀
There are certain requirements for the validator candidates.
⠀
— Firstly, full node client installation with proper configuration of the DMDv4 node software on a Linux server is needed.
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— Secondly, Static IP address is required, as well as a reliable 24/7 uptime access to the internet.
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— One validator candidate can stake a minimum collateral of 10,000 DMD and maximum 50,000 DMD.
⠀
The DMD network allows any full node with 10,000 DMD to become a validator candidate, and for any coin holder with at least 100 DMD to stake their coins on validator candidate nodes. In addition, the validator candidate needs registration and collateral locking through the POSDAO staking dApp.
⠀
DMD Diamond v4 utilizes validators for the transactions. Each elected (active) validator gets an equal share of rewards for cooperative contributing to block creation and validating the transactions.
⠀
The epoch rewards the validator gets are split proportionally according to the number of coins staked for that validator. However, the minimum to the validator will be 30% of the block reward. In case the validator’s share of the staked coins is less than 30%, the validator gets 30% and the rest 70% is distributed among the coin holders proportionally according to their stakes. Misbehaving validators get no rewards at all, their coins get locked and they cannot become a part of the active set during a few Epochs.
⠀
There are certain requirements for the validator candidates.
⠀
— Firstly, full node client installation with proper configuration of the DMDv4 node software on a Linux server is needed.
⠀
— Secondly, Static IP address is required, as well as a reliable 24/7 uptime access to the internet.
⠀
— One validator candidate can stake a minimum collateral of 10,000 DMD and maximum 50,000 DMD.
⠀
The DMD network allows any full node with 10,000 DMD to become a validator candidate, and for any coin holder with at least 100 DMD to stake their coins on validator candidate nodes. In addition, the validator candidate needs registration and collateral locking through the POSDAO staking dApp.
EVM as a fast-throughput alternative
⠀
One of the components of the DMDv4 blockchain that is going to be included is Ethereum Virtual Machine (EVM) based on Open Ethereum. The Ethereum Virtual Machine (EVM) is a powerful, sandboxed virtual stack embedded within each full Ethereum node, responsible for executing contract bytecode. Contracts are typically written in higher level languages, like Solidity, then compiled to EVM bytecode.
⠀
This means that the machine code is completely isolated from the network, filesystem or any processes of the host computer. Every node in the DMDv4 network runs an EVM instance which allows them to agree on executing the same instructions.
⠀
The EVM is essential to the smart contract Protocol. It allows anyone to execute code in a trustless ecosystem in which the outcome of an execution can be guaranteed and is fully deterministic executing smart contracts.
⠀
In DMDv4 smart contract support based on EVM will be included so that existing smart contracts developed on other chains can run with just small adaptations on the DMD Blockchain. DMDv4 supports Solidity and other languages, similar as on the Ethereum blockchain. But faster transaction times and lower fees with the ability to run the same code on multiple chains is what represents DMDv4 as an appealing alternative to Ethereum.
⠀
One of the components of the DMDv4 blockchain that is going to be included is Ethereum Virtual Machine (EVM) based on Open Ethereum. The Ethereum Virtual Machine (EVM) is a powerful, sandboxed virtual stack embedded within each full Ethereum node, responsible for executing contract bytecode. Contracts are typically written in higher level languages, like Solidity, then compiled to EVM bytecode.
⠀
This means that the machine code is completely isolated from the network, filesystem or any processes of the host computer. Every node in the DMDv4 network runs an EVM instance which allows them to agree on executing the same instructions.
⠀
The EVM is essential to the smart contract Protocol. It allows anyone to execute code in a trustless ecosystem in which the outcome of an execution can be guaranteed and is fully deterministic executing smart contracts.
⠀
In DMDv4 smart contract support based on EVM will be included so that existing smart contracts developed on other chains can run with just small adaptations on the DMD Blockchain. DMDv4 supports Solidity and other languages, similar as on the Ethereum blockchain. But faster transaction times and lower fees with the ability to run the same code on multiple chains is what represents DMDv4 as an appealing alternative to Ethereum.
